FDIC Announcements and Fed Statements: The Week in Crypto Politics

[ad_1]

As the week drew to a close, news of a cease and desist letter from the Federal Deposit Insurance Corporation (FDIC) to FTX and other crypto companies emerged.

Here’s a look at some of the crypto-related regulatory headlines from the past week.

Fed push and pull

New guidelines from the Federal Reserve Board have given crypto firms aiming to get a prime account a reason to celebrate. Although the guidelines are not hard and fast rules, they standardize the consideration of master accounts for companies with “new charters”. These may include cryptocurrency depository banks and their trade associations.

On the other hand, a Federal Reserve Governor is pumping breaks on the creation of a US central bank (CBDC) digital dollar. In a recent speech, Governor Michelle Bowman appeared to show a preference for the FedNow service over a US CBDC.

The path to a new European regulator

The European Union may be on the verge of creating a new anti-money laundering regulator overseeing crypto. The “Anti-Money Laundering Authority” is said to come from a set of laws that the European Parliament will consider after the current August recess. If adopted, it will be negotiated with other bodies.

The FDIC’s quest for clarity on crypto

The FDIC has taken action against a number of crypto firms, including FTX, for “false and misleading statements” regarding federal deposit insurance. The recent collapse of companies like Celsius and Voyager raised questions about how deposit security was represented to customers. The FDIC, along with the US Federal Reserve, sent a cease-and-desist letter to Voyager in July stating that the now bankrupt company had falsely conveyed to customers that they “would receive FDIC insurance coverage for all funds provided to, held by, on, or with Voyager.” The agency later reaffirmed that crypto companies are not protected by federal deposit insurance by releasing a new fact sheet about it.

In other FDIC-related news this week, a Pennsylvania senator said in a letter that the agency “may take inappropriate action to deter banks from doing business with legal cryptocurrency-related companies (related to cryptocurrency)”, for example by asking them to avoid extending credit.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 22,914.14
ethereum
Ethereum (ETH) $ 1,649.74
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 326.95
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.398252
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.393934
dogecoin
Dogecoin (DOGE) $ 0.090065
matic-network
Polygon (MATIC) $ 1.32
okb
OKB (OKB) $ 44.34
solana
Solana (SOL) $ 23.19
staked-ether
Lido Staked Ether (STETH) $ 1,647.62
shiba-inu
Shiba Inu (SHIB) $ 0.000014
polkadot
Polkadot (DOT) $ 6.75
litecoin
Litecoin (LTC) $ 99.15
avalanche-2
Avalanche (AVAX) $ 20.05
tron
TRON (TRX) $ 0.066592
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.74
cosmos
Cosmos Hub (ATOM) $ 15.03
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 22,935.14
chainlink
Chainlink (LINK) $ 7.12
the-open-network
Toncoin (TON) $ 2.27
leo-token
LEO Token (LEO) $ 3.40
ethereum-classic
Ethereum Classic (ETC) $ 22.60
monero
Monero (XMR) $ 166.59
bitcoin-cash
Bitcoin Cash (BCH) $ 132.14
aptos
Aptos (APT) $ 15.10
stellar
Stellar (XLM) $ 0.091312
near
NEAR Protocol (NEAR) $ 2.73
crypto-com-chain
Cronos (CRO) $ 0.084391
apecoin
ApeCoin (APE) $ 5.75
algorand
Algorand (ALGO) $ 0.286727
filecoin
Filecoin (FIL) $ 5.41
lido-dao
Lido DAO (LDO) $ 2.42
quant-network
Quant (QNT) $ 139.13
hedera-hashgraph
Hedera (HBAR) $ 0.076746
vechain
VeChain (VET) $ 0.025836
internet-computer
Internet Computer (ICP) $ 5.76
the-graph
The Graph (GRT) $ 0.179579
the-sandbox
The Sandbox (SAND) $ 0.851918
fantom
Fantom (FTM) $ 0.530679
axie-infinity
Axie Infinity (AXS) $ 12.07
decentraland
Decentraland (MANA) $ 0.758225
aave
Aave (AAVE) $ 86.67
flow
Flow (FLOW) $ 1.17
eos
EOS (EOS) $ 1.09
elrond-erd-2
MultiversX (EGLD) $ 45.94
theta-token
Theta Network (THETA) $ 1.14
tezos
Tezos (XTZ) $ 1.22
terra-luna
Terra Luna Classic (LUNC) $ 0.00018
frax
Frax (FRAX) $ 0.998305
paxos-standard
Pax Dollar (USDP) $ 1.00
true-usd
TrueUSD (TUSD) $ 1.00
frax-share
Frax Share (FXS) $ 11.75
chiliz
Chiliz (CHZ) $ 0.157545
curve-dao-token
Curve DAO (CRV) $ 1.14
kucoin-shares
KuCoin (KCS) $ 8.66
huobi-token
Huobi (HT) $ 5.16
havven
Synthetix Network (SNX) $ 2.67
bitcoin-sv
Bitcoin SV (BSV) $ 42.41
immutable-x
ImmutableX (IMX) $ 1.01
rocket-pool
Rocket Pool (RPL) $ 40.72
pancakeswap-token
PancakeSwap (CAKE) $ 4.64
ecash
eCash (XEC) $ 0.000037
usdd
USDD (USDD) $ 0.991256
dash
Dash (DASH) $ 64.34
bittorrent
BitTorrent (BTT) $ 0.00000074877762
maker
Maker (MKR) $ 770.23
bitdao
BitDAO (BIT) $ 0.594712
mina-protocol
Mina Protocol (MINA) $ 0.823355
iota
IOTA (MIOTA) $ 0.244811
trust-wallet-token
Trust Wallet (TWT) $ 1.55
klay-token
Klaytn (KLAY) $ 0.208564
gatechain-token
Gate (GT) $ 4.44
neo
NEO (NEO) $ 8.80
optimism
Optimism (OP) $ 2.77
arweave
Arweave (AR) $ 11.62
osmosis
Osmosis (OSMO) $ 1.10
zcash
Zcash (ZEC) $ 45.44
oec-token
OKC (OKT) $ 32.51
compound-usd-coin
cUSDC (CUSDC) $ 0.022755
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
thorchain
THORChain (RUNE) $ 1.88
gmx
GMX (GMX) $ 66.96
singularitynet
SingularityNET (AGIX) $ 0.468209
cdai
cDAI (CDAI) $ 0.022121
baby-doge-coin
Baby Doge Coin (BABYDOGE) $ 0.00000000345493
tokenize-xchange
Tokenize Xchange (TKX) $ 6.81
render-token
Render (RNDR) $ 1.72
radix
Radix (XRD) $ 0.050174
pax-gold
PAX Gold (PAXG) $ 1,861.66
enjincoin
Enjin Coin (ENJ) $ 0.499385
fetch-ai
Fetch.ai (FET) $ 0.474966
zilliqa
Zilliqa (ZIL) $ 0.030628
convex-finance
Convex Finance (CVX) $ 6.39
compound-ether
cETH (CETH) $ 33.13
casper-network
Casper Network (CSPR) $ 0.043304
tether-gold
Tether Gold (XAUT) $ 1,868.51